The 1.2-billion-pound ($1.63 billion) Plumbing & Mechanical Services Industry Pension Scheme has selected WTW as its outsourced CIO provider, the firm announced on Wednesday.
“The appointment marks a significant milestone in Plumbing Pensions’ journey toward securing long-term financial sustainability for its members,” according to a statement from WTW.
As of April 2024, the U.K. plan had a funded status of 99%. It had an asset shortfall of 3 million pounds. The pension fund’s long-term plan is to achieve a buyout with an insurer, according to its most recent annual report.
According to a statement from WTW, it intends to work with Plumbing Pensions to provide a clearer focus on delivering reliable returns, as well as supporting the plan’s objective of a buyout.
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“We were impressed by WTW’s deep understanding of our scheme’s unique needs and their ability to tailor a solution that balances resilience with long-term value creation,” said Jon Bridger, Plumbing Pensions’ chair of trustees, in a statement. “Their collaborative and innovative approach gave us confidence that they are the right partner to help us navigate the next phase of our journey.”
In 2017, the plan selected Legal & General for a 570-million-pound pension risk transfer transaction. That buy-in covered approximately 12,000 retirees at the time. The plan now has more than 30,000 members in total.
WTW advises on more than $1.3 trillion in assets and manages $168 billion for clients.
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Tags: OCIO, Outsourced CIO, WTW
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